In the past week, after the settling of import scrap prices in Turkey with the latest ex-US bookings, Turkish mills have tried to boost their rebar prices, particularly in their domestic market.
Yesterday, September 27, Turkish mills' rebar prices in the Iskenderun region increased to TRY 1,076/mt ($598/mt) + VAT ex-works and, after this price increase announcement, Kardemir received orders totaling 10,000 mt in its latest rebar sales opened on September 25 at TRY 1,064/mt ($591/mt) + VAT ex-works. Market players think that scrap bookings ahead of the IREPAS meeting in Munich to be held at the start of next week were concluded just in time, while it is yet to be seen if the mills' higher domestic rebar prices will gain acceptance in the market.
So far, the mills' price increase has not been accepted by buyers and transactions have been concluded below the level of TRY 1,076/mt. Nevertheless, the mills' price increase attempt has been seen as the sign of a possible uptrend in the domestic market. However, weak demand both in domestic and foreign markets is not helping the mills' in their attempt. It is stated that demand is not strong enough in the Turkish domestic rebar market to support price increases, and buyers, aware of this situation, are currently adopting a wait-and-see stance.
$1 = TRY 1.80